Ethena Labs Suggests Collateral Addition of SOL to USDe
Ethena Labs is proposing to incorporate the Solana (SOL) cryptocurrency into the collateral backing its USDe stablecoin, pending approval from its Risk Committee.
Ethena Labs has put forth a proposal to the USDe community suggesting the inclusion of Solana (SOL) as a backing asset for the crypto stablecoin.
USDe is designed to maintain a $1 peg via collateral backed by hedged trades and risk-managed reserves. This proposal is aimed to diversify the collateral used by USDe, alongside existing assets like Bitcoin (BTC) and Ethereum (ETH).
Currently, USDe differentiates itself from other stablecoins, such as Tether (USDT) or USD Coin (USDC), owing to its synthetic nature and a stronger focus on collateralization rather than a direct fiat asset backing.
If approved by the Risk Committee, SOL could see an initial target allocation between $100 to $200 million.
This initiative could represent about 5-10% of SOL's open interest, much like its comparative positions in BTC and ETH. Ethena Labs also plans to consider liquid staking tokens (LSTs) as part of this collateral strategy, reflecting a trend in DeFi toward increased yield generation.
